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The
accord has been under negotiation for more than one year and
follows an agreement last year on derivatives.
U.S. and EU representatives said in a joint statement they had
reached a deal "that will ensure ongoing robust insurance
consumer protection and provide enhanced regulatory certainty
for insurers and reinsurers operating in both the U.S. and the
EU."
Under the deal, EU and US authorities will lift requirements for
reinsurers to hold more capital against risks if they operate
from the other side of the Atlantic, eliminating one key hurdle
for cross-border expansion.
Insurers will also benefit from lower supervisory requirements,
a move expected to reduce costs.
"This is a major deal that is set to benefit insurers,
reinsurers and policy holders on both sides of the Atlantic,"
said the EU financial services commissioner Valdis Dombrovskis.
The deal paves the way for EU companies to increase their market
share in the US, and for US companies to sell their policies
more easily in the 28 European Union countries.
The deal needs approval from the European Parliament and U.S.
Congress.
(Reporting by Francesco Guarascio; Editing by Alissa de
Carbonnel)
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